Nigeria: Cereal Market 2024

Cereal Market Size in Nigeria

The Nigerien cereal market declined to $X in 2022, which is down by X% against the previous year. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Cereal Production in Nigeria

In value terms, cereal production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

In 2022, the average yield of cereals in Nigeria amounted to X tons per ha, almost unchanged from the previous year's figure. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the yield increased by X% against the previous year. Over the period under review, the average cereal yield reached the peak level at X tons per ha in 2016; however, from 2017 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cereals production in Nigeria fell slightly to X ha, waning by X% on 2021 figures. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2018 to 2022, the growth of the cereal harvested area remained at a somewhat lower figure.

Cereal Exports

Exports from Nigeria

In 2022, overseas shipments of cereals decreased by X% to X tons, falling for the third year in a row after two years of growth. Overall, exports saw a dramatic shrinkage. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, cereal exports contracted remarkably to $X in 2022. Over the period under review, exports continue to indicate a noticeable decrease. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cameroon (X tons), Ghana (X tons) and Niger (X tons) were the main destinations of cereal exports from Nigeria, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cameroon (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the key foreign market for cereals exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Cameroon ($X), with a X% share of total exports. It was followed by Niger, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (X% per year) and Niger (X% per year).

Export Prices by Country

In 2022, the average cereal export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price showed a significant increase. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X%), while the prices for the other major destinations experienced mixed trend patterns.

Cereal Imports

Imports into Nigeria

In 2022, after two years of growth, there was decline in supplies from abroad of cereals, when their volume decreased by X% to X tons. In general, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, cereal imports dropped significantly to $X in 2022. Over the period under review, imports, however, posted a pronounced expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, Lithuania (X tons) constituted the largest cereal supplier to Nigeria, with a X% share of total imports. Moreover, cereal imports from Lithuania exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by Poland (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lithuania totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Poland (X% per year).

In value terms, the largest cereal suppliers to Nigeria were the United States ($X), Lithuania ($X) and Latvia ($X), with a combined X% share of total imports.

Among the main suppliers, Latvia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cereal import price amounted to $X per ton, declining by X% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The import price peaked at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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